Houston Symphony Society renewed 4,216 square feet at 5151 Mitchelldale in Houston, Texas. Justin Harrity represented the landlord, Hartman Income REIT.
Category: Deals & Announcements
French Quarter Bistro Leased 4,098 SF at 6505 West Park Blvd in Dallas
Nexus Laboratories, LLC d/b/a French Quarter Bistro LLC leased 4,098 square feet at 6505 West Park Blvd. In Dallas, Texas. Richard Maloof represented the landlord, Hartman Income REIT.
MedCore Partners Breaks Ground on ClearSky Rehabilitation Hospital of Baytown, Texas
MedCore Partners, in conjunction with ClearSky Health, has broken ground on a 36-bed inpatient rehabilitation hospital development in Baytown, Texas. ClearSky Rehabilitation Hospital of Baytown is expected to treat over 650 patients annually and create at least 100 healthcare related jobs for the area. The hospital will treat individuals living with disabling injuries or illnesses such as strokes, brain injuries, hip fractures, spinal injuries, Parkinson’s disease, multiple sclerosis, and other medically complex conditions. “MedCore is excited to partner with ClearSky Health on the development of this hospital to provide such a critical service to this community,” said Michael Graham, one of MedCore’s founding partners. “It is inspiring to see ClearSky’s dedication to improving the lives of its patients.” The planned 44,000-square-foot hospital will initially feature 36 private patient rooms and is designed to expand to a total of 40 private rooms. It will also include a rehabilitative gym with specialized equipment, a dining room with a dedicated chef and food service staff, and an activity of daily living space to allow patients to receive therapy in rooms that emulate home conditions. The Baytown hospital is the latest in a series of planned ClearSky Health hospitals that are to be developed by MedCore.
MedCore is excited to partner with Trinity Investors and Home Bank to provide funding for the project.
The project is expected to be completed late in 2023, with an opening scheduled for Winter 2023.
ClearSky Health is a premier rehabilitative healthcare provider that collaborates with healthcare facilities to improve, expand, or introduce rehabilitative services to communities served. Its management team has expertise in design, development, implementation, and operation of rehabilitative services. ClearSky Health currently owns and operates five rehabilitation hospitals in Texas, Louisiana, and New Mexico.
About MedCore Partners, LLC – Based in Dallas-Fort Worth, MedCore Partners is a full-service real estate company dedicated exclusively to the healthcare and senior living industry. By leveraging off both its intimate knowledge of the dynamics of the medical sector and its comprehensive platform of real estate services, MedCore is uniquely qualified to identify and capitalize on healthcare projects around the nation and to maximize the potential profits returned to its investors. Over their careers, the principals of MedCore have led the development and investment efforts for healthcare projects around the country that have been valued in excess of $1 billion in addition to executing brokerage transactions for over 1,500 physicians. This level of experience within the medical real estate industry has allowed MedCore’s principals to build trusted relationships with both healthcare providers around the United States as well as numerous capital sources.
GREA Closes Luna Blanca, a Multifamily Property in Dallas
GREA, specializing in serving private to institutional multifamily real estate investors, announces the sale of Luna Blanca, a 161-unit apartment community located at 3706 W. 8th St. in Dallas.
Dallas markets are still among the most active for multifamily real estate investments. Over the past four quarters, the DFW Metroplex saw $29.2 billion in total volume, accounting for 7.8% of the U.S. total.
Mark Allen, Executive Managing Director of GREA, procured the buyer and represented the seller. The asset was sold to an out-of-state private investment group that plans to invest significant capital to improve the property.
“North Oak Cliff needs continued investment into the residential sector. Ten years ago, most people would not want to step foot into Luna Blanca and the surrounding neighborhood”, said Allen. “It’s great to see the property trade hands to receive a thorough renovation, to implement a new and eager management team, and to provide safe, affordable housing for its residents.”
Coltala Makes Investment in Top National Real Estate Engineering Firm
Coltala Holdings has closed the investment of Pond Robinson & Associates, L.P. (“PR&A and or the “Company”) a nationwide commercial equity-level due diligence firm, providing engineering and architectural services for institutional property owners acquiring or developing commercial real estate across the United States.
Founded in 1998, PR&A has worked with a multitude of institutional clients to acquire or develop properties for their portfolios all across the U.S.
With domain expertise in engineering, construction and architectural consulting, PR&A provides Property Condition Assessments for acquisitions and dispositions; and Pre-Development Document/Design Reviews and ongoing Construction Monitoring Services for ground-up development projects.
PR&A has 42 employees and is headquartered in Dallas, Texas, with additional offices in Atlanta, Georgia, Tampa, Florida, and Houston, Texas, with a remote workforce in major metropolitan areas such as Chicago, Denver, Los Angeles, Minneapolis, Nashville, New York, San Francisco, and West Palm Beach.
PR&A President/Managing Principal Michael Raybon and Principal Mark Petersen will continue to lead PR&A post-closing and Alan Pond, a founding member, will continue to stay on as an advisor and investor.
PR&A’s board is comprised of Coltala Co-CEOs Ralph Manning and Edward Crawford, Aldine Capital Partners Partner Chris Schmaltz, and Alta Fox Capital Management Managing Partner and Founder Connor Haley.
The Dallas-based business is currently seeking to grow organically by serving its institutional clients’ needs for growing demand, particularly in the industrial and multifamily spaces.
Construction Underway for a New Affordable Housing Community in Austin
The NRP Group has broken ground and begun construction on a 318-unit, fully affordable housing community in Austin. The 4% tax credit and bond development is created in partnership with the Housing Authority of the City of Austin (HACA), resulting in an investment of over $70 million in the community.
Bridge at Estancia is located just 11 miles south of Downtown Austin at the intersection of IH-35 South and SH-45 and is situated directly across from land purchased by the Texas Children’s Hospital. The development is uniquely positioned in Estancia Hill Country, a 600-acre mixed-use, master-planned community. Once completed, the residential community will be connected to several amenities including walking trails and green space. Additionally, it will be in close proximity to large Austin employers and the rapidly growing communities of Kyle, Buda, and San Marcos.
The four-story apartment community features an assortment of one- to four-bedroom floor plans, targeting working families. Life-affirming, wraparound support services will include after-school programming, financial literacy training, English as a Second Language (ESL) assistance, health and wellness screenings, a first-time homebuyer program, and more. Apartments will be reserved for renters earning up to 60% AMI and will help fulfill the growing need for affordable housing in Travis County—a community flourishing with luxury market-rate and for-sale housing options.
According to HousingWorks Austin, a non-profit advocacy organization aiming to increase the supply of affordable housing in Austin by providing research, education, and thoughtful policy recommendations, the high cost of living has quickly outpaced the average household income. The short supply of affordable housing has created limited options for individuals and families to live and work in Austin and has only deepened the affordable housing crisis in the city. The report cites a 27% increase in monthly rent from 2020 to 2021.
Bridge at Estancia will include community amenities such as a resort-style pool, community lounge, fitness and business centers, a playground, and BBQ pits. Each residence is outfitted with granite countertops, fully equipped kitchens, LED light fixtures, and walk-in closets.
The first units of Bridge at Estancia are expected to deliver Summer 2023.